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The question whether a model exists which is able to make consistent the two paradigms is a living matter that financial markets demand to address. The paper deals with a parsimonious stochastic model able to include as special cases both market efficiency and \"psychological\" phenomena such as the underreaction and the overreaction, peculiar features of the behavioral finance. The great readability of the model, its capability to agree the controversial results provided by literature on efficient markets and the simplicity of the financial intuition it offers are discussed. <\/jats:p>","DOI":"10.1142\/s0219525915500010","type":"journal-article","created":{"date-parts":[[2015,4,20]],"date-time":"2015-04-20T03:37:43Z","timestamp":1429501063000},"page":"1550001","source":"Crossref","is-referenced-by-count":13,"title":["EFFICIENT MARKETS AND BEHAVIORAL FINANCE: A COMPREHENSIVE MULTIFRACTIONAL MODEL"],"prefix":"10.1142","volume":"18","author":[{"given":"SERGIO","family":"BIANCHI","sequence":"first","affiliation":[{"name":"Department of Economics and Law, University of Cassino, Via S. 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